Gold Sales to BoG Bolster Cedi: Mining Firms Sell Over 358,000 Ounces in 2024

Member companies of the Ghana Chamber of Mines sold a total of 358,218 ounces of gold to the Bank of Ghana (BoG) in 2024 under the Domestic Gold Purchase Programme, significantly boosting the central bank’s reserves and contributing to the strengthening of the Ghanaian cedi against the US dollar.

Speaking at a press briefing, the Chief Executive Officer of the Chamber, Ing. Dr. Kenneth Ashigbey, emphasized the mining sector’s ongoing commitment to stabilizing the national currency.

“The current strength of the cedi is largely anchored on gold,” he said. “As an industry, we remain committed to this cause. Through our partnership with the Bank of Ghana, we supplied over 358,000 ounces of gold last year under the Domestic Gold Purchase Programme.”

Dr. Ashigbey also highlighted the sector’s participation in the Voluntary Forex and Gold Purchase Initiative, which he noted has further strengthened the Bank of Ghana’s reserve position.

“It’s essential to recognize how these collaborative efforts between the mining sector and the BoG are helping both the national economy and the sustainability of our industry,” he added.